Seven Ways To Boost Your Income As A Freelancer
/Whether you want to save up for an investment property, increase your savings for a six-month mini retirement on the shores of West Africa or have the wedding of your dreams, boosting your income as a freelancer will be the key to reaching your financial goals. Sure, you could also reduce expenses but there may not be anywhere to cut back.
When I decided to make freelance writing a career, I reached out to Kristin for business advice. We met up for mimosas and she shared so many valuable insights with me.
Or perhaps you just don’t want to give up your Soul Cycle classes, avocado toasts, millionaire’s bacon and bottomless mimosas. I am totally with you, girl.
However if you want to reach your money goals, and you don’t want to cut back, then you’ll need to boost your income. If you choose this route, be mindful of the lifestyle creep.
This is where expenses creeeeepppp up as your income rises. Leaving you in the same position as when you started.
Boosting your income will only work if your expenses remain the same. Being mindful of your spending will help you keep your eyes on the prize and your credit card in your wallet, as you grow your business. Download my free money date checklist to help you remain mindful and stay on track for your money goals.
Now that you’re equipped with the awareness and the tools you need to spend mindfully, let’s chat about ways you can boost your income as a freelancer.
Seven Ways To Boost Your Income As A Freelancer
Stop trading time for money. One of the biggest challenges for freelancers is generating a consistent income. Some months you may bring $5,000, while other months could be only $2,000. Increase your lower earning months by stabilizing your income. If you are charging by the hour, ask your clients if you could set up a retainer based rate. If you are doing one-off assignments for clients ask if you can bundle a couple of your services to provide a holistic experience. It’s a win for them and a win for you!
Remove administrative fees on invoicing. While I am a fan of Stripe and PayPal for accepting payments, the 2.9% + 30 cent fee does start to add up. You can eliminate this fee by asking your client to pay you via ACH or through Bill.com.
Increase pricing. Remember, if you were working at a 9-5, your employer would give you a raise. Every year, or as it seems fit, give yourself a raise. Don’t fall into the trap where many freelancers find themselves of charging the same rates they did twenty years ago.
Offer additional services to clients. If you enjoy working with a client and they are pleased with your services, offer additional ways you can help their business. Just don’t forget to update your contracts and charge for the new services.
Offer a unique add-on service. This is similar to #5 as this is also an upsell. The difference is that an add-on service takes very little time. If you are a writer, it could be to create a monthly content marketing calendar for them. If you are a graphic designer, it could be to create a color palette for their brand.
Offer consulting or advisory services. To expand on #6, offering advisory services can be an easy add-on service or a standalone. Offer a weekly one-hour session to help your clients with business development and brainstorming.
Collaborate with other freelancers. I always pass along projects that I know will be a good fit for my freelancer buddies. Find a group of peers that you can share business. If you live in the Bay Area, you can join The Socialites group to meet other freelancers. Click here to be the first to know about our next event.
